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Boeing delivers C-17 to RAF
ATLANTA, June 4 (UPI) -- The promise of a boom this summer travel season may not be enough to stave off Chapter 11 bankruptcy for Atlanta-based Delta Airlines, analysts said.
The Atlanta Journal-Constitution reported Friday the anticipated injection of cash this summer won't be enough to make up for low fares, high fuel prices and labor issues.
In a report to investors Thursday, J.P. Morgan analyst Jamie Baker said the firm expects Delta to file for reorganization under Chapter 11 by the end of the year -- sooner than originally anticipated.
Cary Stanford, managing director of Saybrook Restructuring Advisors, said his firm thinks it could come as soon as July or August if Delta doesn't get concessions from its pilots.
Saybrook represents Delta creditors.
Delta did not comment on the forecasts but said the airline has been seeking to cuts costs including pilot costs for more than a year.
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